The Chinese government has established 15 pilot zones and 164 entities for blockchain projects. “The projects will be carried out in various fields, such as manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross-border finance.”

China Establishes Blockchain Sandboxes

Sixteen Chinese government agencies jointly announced a list of national blockchain pilot zones “to further carry out the innovative application of blockchain technology” on Sunday.

The 16 government agencies include the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission.

The list has 15 pilot zones, including areas in Beijing and Shanghai, as well as Guangzhou and Chengdu in the southern provinces of Guangdong and Sichuan, respectively. It also names 164 entities, including hospitals, universities, and companies that have been selected for blockchain pilot projects. Among the chosen companies are SAIC-GM-Wuling Automobile Co., China National Offshore Oil Corp, Beijing Gas Group Co. and Industrial and Commercial Bank of China Ltd.

The projects will be carried out in various fields, such as manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross-border finance, the announcement detailed.

Regulators emphasized “the need to focus on collaborative advancement.” They added that oversight bodies “in all regions should focus on promoting pilot construction work together, and make full use of the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaboration efficiency, and building a credible system. .”

The announcement also requires all pilot regions to “prioritize the adoption of blockchain software and hardware technologies and products that are interoperable and capable of sustainable development.”

The Cyberspace Administration of China, national industry supervisory authorities and provincial industry supervisory authorities will organize relevant units and experts to provide guidance on pilot planning and construction, training exchanges and standardization construction.

Meanwhile, China’s central bank has been testing the digital yuan. In January, the PBOC revealed that its central bank digital currency (CBDC) has 261 million unique users. Additionally, nearly $14 billion worth of transactions have been made using the digital yuan and more than 8 million merchants now accept e-CNY.

What do you think about China designating blockchain pilot zones? Let us know in the comments section.

image credits: Shutterstock, Pixabay, Wiki Commons

DisclaimerNote: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.